Annaclone Parish Church Annual Report and Financial Statements For the year ended 31st December 2023 Northern Ireland Charities Number: 103295
Annaclone Parish Church Statement of Financial Artivities for the year ended 31st December 2023 Unrestrirted funds ReStyirted funds Prior year total funds frlote Total funds Income and endowmentsfrom: Donations and Segacies Income from charitable activities Invesiments Other incorne Total income 33.418 11.082 2.176 35.594 11,082 584 14,558 6.646 763 45,084 2,176 47,260 Expenditure on: Raising Funds Charitable Activities Total expenditure Net income / {expenditurel resources before transler 130 26.047 26.177 18.907 130 28,223 28.353 18.907 243 15,743 15,986 5,990 2,176 2.176 Transfers Gross transfers between funds- in Gross transfers between funds- out Other recognised gaSns/losses Gains I losses on investment a55et5 Gains on revaluation, fixed assets. charity'5 own use Net movernent in funds 18.907 18,907 5,990 Reconciliation of funds Total funds brought forward Reserve Mo¥ement Total funds carrled forward 40.557 40,557 34,567 16 59,464 59,464 40,557
Annaclone Parish Church Statement of Financial Position / {Balance Sheet) as at 31st December 2023 Note As at 3111212023 As at 3111212022 Fixed assets Tangible assets Investments 12 13 30,000 30.tM)o 30.OCX) 30,000 Current Assets Cash at bank and in hand 59.464 59.464 40,557 40,557 Liabilities Creditors.. Amounts falling due in one year 14 Net current assets 59.464 40.557 Total asset5 less current liabilities 89.464 70,557 Total net assets less liabilities 89,464 70,557 Represented by Unrestricted funds 15 89,464 70,557 Restricted funds 15 Total Funds of the Parish 89,464 70,557 The notes are an integral part of these financial statements. The financial statements were approved by the Board of Trustees on and signed on its behalf by- Margaret Martin - Hon. Treasurer Rev Karen Salmon
Annaclone Parish Church Notes to the financial staternentsfor the yearended 31 Dernber2023 l. Accounting pollcies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are a5 follows: a) Basis of preparation The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Parish meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical c05t and tran5artion value unless otherwise stated in the relevant accounting policy notels). bl Preparation of accounts on a going concern basis The Parish generally meets its day to day working capital requirement5 from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied that the Parish has resources to provide a reasonable expectation that it can continue to meet it5 financial obligations as they fall due for the foreseeable future. Therefore these financial statements have been prepared on a going concern basi5 c} Income Income 15 accounted for on a cash receipts basis as the amount is collected and are allocated as either restricted or unrestricted funds according to the term5 of the donation. d) Expendlture Expellditure is recognised on a cash payments ba51S. el Tangible assets The assets of the Parish compri5e-_ Church Building and Grounds • Parish Hall The Church Building and Grounds are deemed to be Heritage a55et5 as defined by the Charities SORP IFRS1021. These Heritage assets are not included on the balance sheet as information on the c05t or valuation is not available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the parish. The assets, residual values and useful live5 are reviewed. and adjusted, if appropriate, at the end of each reporting period. The effert of any change is accounted for prospectively. Fixtures and Fittings are recognised at cost and are depreciated on a straight line basis over a period of 10 years. Tangible a55ets are derecognised on disposal or when no future economic benefits are expected. On disP05al, the difference between the new disposal proceeds and the carrying amount is recogni5ed in the statement of financial activities and included in 'Other operating Ilossesl/gains'. fj Investments Fixed asset investments comprising investment properties. investments in equities and investment in RCBICIT Unit Trusts are initially recorded at cost and are then 5ub5equently stated at fair value at each balance sheet date. Investments in unquoted investments are recorded at C05t and are assessed annually for impairment. U nrealised gains and losses represent the difference between the fair value at the beginning and end of the financia l year 01, if purchased in the year, the difference between cost and fair value at the end of the year. Realised gain5 and1055es represent the difference between the proceeds on disposal and the fair value at the start of the year or cost if purchased in the year. Both realised and unrealised gain5 an(4 losses in investments are reported within 'Net Gain5 1 IL05ses1 on Investments" within the Statement of Financial Activities.
g) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with bar)k5. Other short-terrn highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within Creditor5 Amounts falling due within l year. h) Financial instruments The Parish only has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instrumènt5 are initially recognised at transaction price and subsequently measured at their settlement value. i) Funds Funds are tl3ssifiÈd as either restf Icted funds or unrestrirted fund5, defined as follows- Restricted funds are funds subject to specific requirement5 a5 to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the Parish. Unrestricted fund5 are expendable at the discretion of the trustees in furtherance of the objetts of the charity- If parts of the unrestricted fund5 are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the tru5tees' discretion to apply the fund. 2. Critical accounting judgements and estimation uncertalnty Estimates and judgments made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factor5. including expectations of future event5 that ale believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the Parish's accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year. 3. Donation5 and legacies Unrestrirted Restricted Total 2023 Total 2022 FWO Gift Aid Special Appeals Dor)ations 15,095 10.475 15,095 10,475 165 9,859 35,594 12,564 165 2,011 2.176 1,324 670 14.558 7.848 33.418 4. Income from Charitable Activities Unrestrirted Restricted Tolal 2023 Total 2022 Special Fund RaisinE 11,082 11,082 11,082 11.082 6,646 6,646 5. Investments Unrestricted Restricted Total 2023 Totsl 2022 Bank interest Investment Income 79 505 79 505 584 52 711 52
- Other Income Unrestrirted Restricted Totsl 2023 Total 2022 NIE Wayleave Sundry Income Donation5
- Analysis of Expenditure Unrestricted Restrirted Total 2023 Total 2022 Raising Funds Envelopes 130 130 130 130 243 243 Charitable Activities Wages and salaries Diocesan Costs / Assessment Congregational Running Costs Organists, Fees & Musicians Grounds - Maintenance Rates Charitable Donations Missions Administration costs 7.716 3,318 9.095 1.130 788 Ic 3,250 7,716 3,318 11,106 1,130 788 loo 6.596 3,092 3,661 1,195 311 90 185 2.011 165 3.415 650 26.047 650 28,223 613 15.743 2.176 Totsl Expenditure 26,177 2.176 28,353 15,986
- Gain / {Loss) on Investment Assets 2023 2022 Realised gains / Ilossesl on investments
- Taxation The Annaclone Parish Church is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities.
- Analysis of staff costs. trustee remuneration and expenses. and the c05t of key management personnel 2023 2022 Salaries & wages 7.716 6,596 The average number of employees during the year, calculated on the basis of a head count. was as follows.. 2023 2022 Number Number Ministerial support There are no employees in receipt of employee benefits in excess of £60.000
Key Management and Trustees Key management are deemed to comprise the Trustees. No trustee received any remuneration OT reimbursement of expenses during the year. No trustee or a person related to a trustee had any personal interest in any contract or transaction entered into by the charity during the year. 11. Governance Costs Governance costs of £360 were incurred during the year of which £360 relates to fees paid to the independent examiner. Governance costs are included within Administration costs in the Receipts and Payment5 Accounts. 12. Tangible fixed assets Offlce Equipment Buildings Total Cost At the beginning of the year Additions Disposa15 Atthe end ofthe year 30,000 30,000 30.000 30,OIyJ The f igure5 noted above do not include a valuation of the church building and grounds as this property and all artefacts contained therein are deemed to be heritage assets. the costlvaluation is not available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts. 13. Investments Listed Investments Non Listed Investments Totsl Balance at the beginning of the year Revaluations during the year Disposals during the year Balance at the end of the year 14. Creditors Amounts Due within l Year 2023 2022 Bank overdrafts Accrual
- Analysis of Net A55ets Among Funds Restrirted General Fund Funds 30,000 Total Fixed assets Investments Current Assets Current Liabilities Net Assets at 31 Dec 2023 30,000 59,464 59,464 89.464 89.464
- Reserve Movement Restrirted General Fund Funds 70.557 18,907 Total Opening Balance Net movement in fund5 Prior Year Adjustment 70,557 18.907 Net Assets at 31 Dec 2023 89,464 89,464